Creative Picture Framing Gloucestershire Limited - Period Ending 2015-03-31

Registration number: 07464403

Creative Picture Framing Gloucestershire Limited

trading as Creative Picture Framing Glos Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
(Registration number: 07464403)
Abbreviated Balance Sheet at 31 March 2015
 

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					143,334			156,667
Tangible fixed assets					25,601			14,476
					168,935			171,143
Current assets
Stocks					13,200			11,700
Debtors					16,605			25,787
Cash at bank and in hand					34,700			33,441
					64,505			70,928
Creditors: Amounts falling due within one year					(121,375)			(121,051)
Net current liabilities					(56,870)			(50,123)
Total assets less current liabilities					112,065			121,020
Provisions for liabilities					(5,120)			-
Net assets					106,945			121,020
Capital and reserves
Called up share capital		3			30			30
Profit and loss account					106,915			120,990
Shareholders' funds					106,945			121,020

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
(Registration number: 07464403)
Abbreviated Balance Sheet at 31 March 2015
 

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 26 November 2015

.........................................
C J Smith
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	6.67% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

Hire purchase and leasing

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		200,000			20,939			220,939
Additions		-			20,000			20,000
At 31 March 2015		200,000			40,939			240,939
Depreciation
At 1 April 2014		43,333			6,463			49,796
Charge for the year		13,333			8,875			22,208
At 31 March 2015		56,666			15,338			72,004
Net book value
At 31 March 2015		143,334			25,601			168,935
At 31 March 2014		156,667			14,476			171,143

Page 4

Creative Picture Framing Gloucestershire Limited
trading as Creative Picture Framing Glos Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		30			30			30			30

4

Control

The company is controlled by the director who owns 67% of the called up share capital.

Page 5